December 2024 OAS Payment of $1546: Eligibility and Direct Deposit Information

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In December 2024, eligible Canadian seniors will receive significant financial support through the Old Age Security (OAS) program, with payments of up to $1,546. If you’re wondering about eligibility, payment dates, or how to maximize your benefits, this comprehensive guide covers everything you need to know in simple steps.

Key Information at a Glance

DetailDescription
Payment DateDecember 20, 2024
EligibilityCanadian citizens or residents aged 65+ with a minimum of 10 years of residency after turning 18
Maximum Monthly Amount$727.67 (Ages 65-74) and $800.44 (Ages 75+)
Supplemental BenefitsGuaranteed Income Supplement (GIS) may increase payments for low-income seniors
Clawback ThresholdRecovery tax applies if income exceeds $148,451 (ages 65-74) or $154,196 (ages 75+)
Official SourceCanada.ca OAS Benefits

Understanding the OAS Program

The Old Age Security (OAS) program is one of the key sources of financial support for seniors in Canada, having been established in 1952. Unlike the Canada Pension Plan (CPP), the OAS is a universal benefit based on age, residency, and income, rather than work history or contributions. For those who qualify, the December 2024 payment is set to arrive on December 20, offering much-needed support for the holiday season.

Who is Eligible for the $1,546 OAS Payment in December 2024?

To qualify for OAS benefits, you must meet specific requirements:

  1. Age: You must be 65 or older.
  2. Residency: You need to be a Canadian citizen or legal resident when applying. Additionally, you must have lived in Canada for at least 10 years after turning 18. If you have resided in Canada for 40 or more years, you’re eligible for the full OAS amount.
  3. Income: OAS payments may be subject to a recovery tax (clawback) if your annual net world income exceeds:
    • $148,451 for those aged 65-74
    • $154,196 for those aged 75 and above

For more details on how the clawback works, consult the Canada Revenue Agency’s guidelines.

How Much Can You Receive?

For the period between October and December 2024, the maximum monthly amounts are:

  • Ages 65-74: $727.67
  • Ages 75+: $800.44

If you are eligible for the Guaranteed Income Supplement (GIS), you may qualify for additional financial support, pushing your total monthly amount to over $1,500 in some cases.

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